哈佛：辦學(xué)有方，投資無術(shù)
|
????2.哈佛持有的美股占比顯著低于其他捐贈基金，最近美股牛市讓其他捐贈基金賺了個盆滿缽滿。 ????3.哈佛擁有大批低流動性資產(chǎn)，有些資產(chǎn)在金融危機(jī)期間被迫大幅折價出售。折價出售一直在拖累它的5年投資回報率。 ????不幸的是，這些理由每一個都很容易反駁。首先，哈佛一直是美國最大的捐贈基金，但它在過去毫不吃力地就能拿出優(yōu)于市場的表現(xiàn)。舉例來說，在截至2012年6月30日的二十年中，它的表現(xiàn)排名第五。 ????其次，哈佛排名下滑是由于它持有公開市場股票相對較少，這一點是沒錯。但耶魯（Yale）等其他捐贈基金配置的公開市場股票同樣很少，但它們的表現(xiàn)要好很多。而且，越來越多的捐贈基金都開始采用“耶魯模式”配置資產(chǎn)，即公開上市股票的持有占比下降，而這一點在捐贈基金界也已經(jīng)不是什么秘密了。 ????第三，過去5年哈佛實際上是提高了低流動性資產(chǎn)的目標(biāo)敞口，包括私募股權(quán)和房地產(chǎn)。因此，現(xiàn)任管理層不僅批準(zhǔn)了低流動性資產(chǎn)的轉(zhuǎn)售(很可能賣早了），而且如果美國經(jīng)濟(jì)再次下滑，它可能會再次陷入類似的流動性危機(jī)。 ????但上述這些因素似乎沒有一個讓哈佛管理公司的董事會感到擔(dān)憂。或者，至少沒有公開表露過憂慮。 ????“我認(rèn)為簡建立的團(tuán)隊已經(jīng)為成功做好了準(zhǔn)備。5年后回頭再看，我們認(rèn)為她的工作非常出色，”哈佛管理公司董事格倫?哈欽斯表示，他同時也是私募股權(quán)公司銀湖資本（Silver Lake）的聯(lián)合創(chuàng)始人。 ????我們未能聯(lián)系到曼迪羅本人對本文發(fā)表評論。 |
????2. Harvard has much less exposure to domestic public equities than do many other endowments, which have been able to ride the recent bull run. ????3. Harvard has a particularly large slug of illiquid assets, some of which it felt compelled to sell at deep discounts during the financial crisis. Those sales continue to be a drag on five-year returns. ????Unfortunately, each of those arguments are easily countered. First, Harvard has always been the nation's largest endowment -- but it had little trouble outperforming in the past. For example, through June 30, 2012 it ranked #5 over a 20-year period. ????Second, it certainly is true that Harvard's rank has slipped due to its relative dearth of public equities. But other schools with even smaller public equity allocations -- such as Yale -- have performed much better. Moreover, it is no secret that more and more endowments have been adopting the "Yale model" of allocation, which means that public equity holdings actually have been decreasing over time, not increasing, in the broader endowment world. ????Third, Harvard has actually increased its target exposure to illiquid assets over the past five years, including in private equity and real estate. So not only did current management approve the secondary sale (arguably too soon), but it also may be setting itself up for a similar liquidity crunch were the economy to tank again. ????None of this, however, seems to be worrying the HMC board of directors. Or at least not openly. ????"I think that the team Jane has put in place is prepared to be very successful, and that we'll look back in five years and think she's done a terrific job," says HMC director Glenn Hutchins, co-founder of private equity firm Silver Lake. ????Mendillo was not made available for this story. |
最新文章